Bitcoin Price Passes $500, Highest Price in Almost Two Years

For the first time since 2014, the price of Bitcoin passed $500 USD early Saturday morning. Laura Shin of Forbes writes: “One of the most fascinating aspects of the Bitcoin narrative is the trajectory of its price. Since its birth seven years ago, this abstract currency that only exists as computer code and/or in a small but rabid collective conscious has gone from completely worthless to almost $450 for a single Bitcoin.” At around 4:20 a.m. UTC on Saturday, May 28th, Bitcoin’s price exceeded $500 per coin. The price initially achieved that level in mid-November of 2013, and until now had not seen a similar price since late August of 2014. Bitcoin is at an almost two-year high. The result of a depreciating yuan? The price surge may be a result of many seeking to move capital out of China as the yuan weakens , continuing to fall against the dollar over the past month. Yuan...